Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

AUD/USD: buy target - 0.7400

By: Dmitriy Chernovolov

  • AUD/USD broke resistance zone
  • Next buy target - 0.7400

AUD/USD continues to rise after the recent sharp breakout of the resistance area lying between the resistance level 0.7230 (which reversed with the daily Shooting Star the previous minor corrective wave 4 in September) and the resistance trendline of the daily down channel from the middle of June. The breakout of this resistance zone accelerated the active C-wave of the intermediate ABC correction (4) from the end of September.

AUD/USD is likely to rise further in the active C-wave toward the next buy target at the resistance level 0.7400. This level reversed the pair in August and it is also the target price calculated for the completion of the active wave (4).

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